Token Description & Project Background

Keep3rV1, also known as the Keep3r Network, initially emerged as a decentralized job registry within the realm of decentralized finance (DeFi). Its primary purpose was to connect with developers with projects in the DeFi space. Over time, the platform has evolved into a specialized ecosystem. Keep3r operates on the foundation of two crucial roles: ‘Keepers’ and ‘Jobs’. 

Keepers refer to bots, scripts and other contracts that execute various events, including submitting signed transactions on behalf of third parties. On the other hand, ‘Jobs’ are smart contracts that request external entities to perform specific actions. Jobs can be created through governance decisions or by adding liquidity to the platform. 

The platform’s native token is KP3R, an ERC-20 token that serves multiple functions. It is necessary for completing jobs as a payment method, rewarding liquidity providers, and enabling community governance. Token holders play a significant role in voting on protocol parameters, determining new liquidity pools, resolving disputes involving Keepers, and setting reward premiums for tasks. 

It is worth noting that there was no sale or team allocation of KP3R tokens. Instead, all tokens are minted and distributed to Keepers on the network. 

The Keep3r Network was launched by renowned South African developer, Andre Cronje. Cronje has been involved in the development of numerous prominent projects such as Yearn Finance and Fantom. However, in 2022, he announced his departure from the DeFi ecosystem.

Risks of KP3R

Like an investment in other crypto assets, there are some general risks to investing in KP3R. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in KP3R is subject to the following specific risks:

• KP3R operates using smart contracts, which have an association with vulnerabilities and security breaches. Despite undergoing successful audits by well-regarded third-party entities, it is essential to acknowledge the existence of inherent risks. Furthermore, the project’s future trajectory hinges on the decisions made by a global community of KP3R token holders. 

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with KP3R. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The KP3R community and Andre Cronje are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of KP3R have no recourse to KP3R holders, Andre Cronje, or Uphold if KP3R declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing KP3R on the Uphold Platform, Uphold performed due diligence on KP3R and determined that KP3R is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of KP3R, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of KP3R.
• Any marketing materials put forward by the KP3R social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with KP3R, including any code defects, security breaches and other threats concerning KP3R and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with KP3R, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of KP3R. 

General

Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on June 21, 2023.